New York metro area home prices jump 1.5% in October

Regional home prices jumped in October as the housing recovery gained steam. In the Hudson Valley area, prices increased 1.5 percent in October compared to the prior month, including distressed sales, according to CoreLogic. Photo Credit: Fotolia

Regional home prices jumped in October as the housing recovery gained steam, according to new data.

In the New York-White Plains-Wayne area -- which includes Rockland, Putnam and Westchester counties, plus parts of New York City and New Jersey -- prices increased 1.5 percent in October compared to the prior month, including distressed sales, according to CoreLogic. That contrasts to a .2 percent decline in home prices nationwide.

Diane Cummins, manager of Prudential Douglas Elliman Real Estate's Katonah and Somers branch, said a recovery is under way, but the pace varies depending on locality.

"We are seeing increased activity and we're seeing in certain areas a lack of inventory and an increase in demand, which is a terrific place to be for a recovery," she said. "It's based on specific areas. You can't make a blanket statement."

Though the region outstripped the one-month increase in national prices in October, the year-over-year increase in single-family prices, including distressed real estate, was 4.2 percent, trailing the 5.4 percent increase posted by New York State and the 6.3 percent climb nationwide.

Even on a 12-month basis, prices of New Jersey real estate continues to decline, falling .6 percent when distressed property is included. The state with the most vigorous rebound in prices over 12 months has been Arizona, with a 21.3 percent increase.